In order to sell goods or services, a business must set prices for those goods or services. Ideally, a price may be selected that maximizes profit (for a particular item or for a group of items as a whole), while ensuring competitive pricing with respect to the same or similar goods or services that may be available elsewhere.
However, many factors may need to be considered when setting a price. For example, a final price may reflect relevant taxes or surcharges, as well as volume discounts or other applicable price reductions. Moreover, price may be set based on, e.g., weight, quantity, volume, or other physical characteristics. In some cases, a price for one item may be set relatively lower, in order to entice additional sales of a related, higher priced item.
Further, prices may change dynamically based on external related factors, such as a current time or purchase context. For example, a price of an item for sale may vary with respect to a time of the year, recent sales volume of the item in question (e.g., such as when a price for a popular item is raised, or when a price for a less popular item is lowered), or based on a current sale or promotional event.
Consequently, when dealing with large numbers of price calculations, the price calculations may require an amount of processing time that is impractical or unacceptable. As a result, for example, a customer may experience frustration and inconvenience when waiting to receive a current price quote. Similarly, a sales representative may experience loss of sales as a result of such customer inconvenience. Consequently, a business may experience reduction in profits, as well as harm to a reputation of the business.